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SUBSEQUENT EVENTS
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6 Months Ended | |||
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Jun. 30, 2014
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| Subsequent Events [Abstract] | ||||
| Subsequent Events [Text Block] |
Management has evaluated all subsequent events to determine if events or transactions occurring through the date the condensed consolidated financial statements were issued, require adjustment to or disclosure in the condensed consolidated financial statements. Status as a Reporting Company and Preferred Stock Conversion
On July 14, 2014, the Company’s Registration Statement on Form 10 filed on May 14, 2014, as amended on July 3, 2014 and August 13, 2014, with the SEC became effective with the result that the Company became subject to the reporting requirements under Section 13 of the Securities Exchange Act of 1934. As a result, the 9,477,533 outstanding shares of Series A Preferred were automatically converted into 9,477,533 aggregate shares of common stock. No dividends associated with the Series A Preferred were declared by the Board of Directors
Convertible Debt Obligations
Subsequent to June 30, 2014, the Company repaid an aggregate of $85,337of convertible notes, including principal of $72,174.
Loans Payable
On July 25, 2014, the Company received $125,000 in proceeds pursuant to a new loan payable from an independent third party. The Company and the holder are still negotiating the final terms of the loan.
Capital Expenditure Commitment
During July 2014, the Company executed a construction contract for an aggregate of approximately $125,000 in order to expand the winery at Algodon Wine Estates.
Foreign Currency Exchange Rates
The Argentine Peso to United States Dollar exchange rate was 8.2633, 8.1335 and 6.5049 at August 11, 2014, June 30, 2014 and December 31, 2013, respectively. |